
How to make your ‘imposter’ monster a trusted friend
Most of us have an inner demon that says, “You’re not good enough”. And, in an era when leaders are expected to question themselves and their decisions, imposter syndrome could be on...
by Peter Vogel Published 23 September 2021 in Brain Circuits • 3 min read
Did you know only 30% of family-owned businesses make it through to the second generation? This somewhat sobering statistic sheds light on the challenges of maintaining a successful family business. Through years of research and working closely with family-owned businesses we have identified five areas that capture the focus of successful and long-lasting family enterprises. Are you giving sufficient attention to each?
Personal health and wellbeing
It is important that each family member looks after their own physical and mental health. When family businesses are heavily controlled by one person, if that person suddenly falls ill it can turn operations upside down. To contribute to family enterprises in a meaningful way each member who participates needs to care for their own health, including nutrition and fitness.
A healthy family unit
To ensure generational continuity and enterprise longevity, as well as a strong family governance it’s crucial for all the family members to have healthy relationships with each other. Family members should establish a clear family vision, articulating what they would like to achieve together as well as understand the family legacy and values.
Healthy family enterprise ownership
It is important to have strong ownership governance, discipline, and an open and collaborative exchange amongthe owners. Healthy ownership means a clear ownership vision and strategy for the organization that considers the family’s values as well as the business needs and priorities. Owners come to act as stewards to the business, its employees and its customers.
Organizational performance
Running a high-performing business requires disciplined leadership and management and world-class governance on all levels – ownership, board, and top management. It is essential that these different levels know exactly what it is they are supposed to do vis-à -vis the other levels. Having a clear definition of the roles and responsibilities of owners, board members, and the top management team is paramount to ensure long-term success. Other essential factors include, but are not limited to, strategic foresight, innovativeness and financial excellence, as well as a strong talent management and succession planning – both family and non-family talents.
Societal and environmental impact
A growing number of today’s enterprising families want to leverage their assets as a force for good. Leaders are finally focusing on doing less harm and doing better through activities like advocacy, impact investing, corporate social responsibility, sustainable development goals, and philanthropy. A good balance between these separate layers is just as important to help the family enterprise system flourish across generations as good leadership at the top.
Professor of Family Business and Entrepreneurship at IMD
Peter Vogel is a Professor of Family Business and Entrepreneurship, Director of the Global Family Business Center (GFBC), and Debiopharm Chair for Family Philanthropy at IMD. He is Program Director of Leading the Family Business, Leading the Family Office, and the Lean Intrapreneurship program. He is globally recognized as one of the leading family business educators, advisors and academics, has received numerous awards and recognitions and is the author of the award-winning books “Family Philanthropy Navigator” and “Family Office Navigator”.
11 hours ago • by Séverine Jourdain, Nathalie Ducrot in Brain Circuits
Most of us have an inner demon that says, “You’re not good enough”. And, in an era when leaders are expected to question themselves and their decisions, imposter syndrome could be on...
13 February 2025 • by Luc de Brabandere , Lina Benmehrez, Jonas Leyder in Brain Circuits
In this summarized extract from their book The Art of Thinking in a Digital World, Luc de Brabandere , Jonas Leyder, and Lina Benmehreze explain how true creativity begins by looking at...
12 February 2025 • by Michael R. Wade, Amit M. Joshi, José Parra Moyano in Brain Circuits
Buzzwords and acronyms abound in the world of AI and seem to be multiplying faster than new model releases. Here are three questions to test your ability to talk tech (and a...
11 February 2025 • by Francesca Giulia Mereu in Brain Circuits
When it comes to yoga, having the right state of mind is essential. The same is true of leadership. Here are some unexpected ways you can benefit from a yoga mindset and...
Explore first person business intelligence from top minds curated for a global executive audience